I like your idea, but why not just put an import tax on OPEC oil, rather than ban it at a certain price?
So Mexico and import OPEC oil and sell all their own oil to us at an inflated rate, rather than consume some of it themselves.
Take Reagan viewpoint when you look for the federal government to “help” private industry. They have no business selecting winners and looser in industry.
Why punish the US refinery and petrochem industry by inflating their prices for feedstock above other nations?
Conservatives object to taxes because they have a way of growing over time and because they are difficult to get rid of once enacted.
Establishing a break even floor would be in line with a conservative approach.
The break even level could be adjusted as data are gathered to show a statistically significant change. The policy would be protectionist but not so protectionist that foreign producers would not be able to compete in US markets.